Okay, you take two of the worst parts of IRV and pretend they're somehow good. That's mind-boggling.
Ballot exhaustion is not solved by compulsory preferential voting. It only hides the fact that you now have to rank all the candidates. So when your middle preferences are eliminated before your first is, you've now been forced to elect your most hated option.
And again, later-no-harm is still a “did you vote for this person? They might win” criterion. Because if you don't like someone, don't vote for them.
Finally, you still have no clue how STAR works. It's not 1-5. It's 0-5. And the Automatic runoff part is pretty important, that part of it means that your vote goes to the finalist who you rated higher, not to merely the person who got the most points in the first round.